TORONTO--(BUSINESS WIRE)--DREAM OFFICE REAL ESTATE INVESTMENT TRUST (“Dream Office REIT” or the “REIT”) (TSX: D.UN) today confirmed that the consolidation previously announced on February 15, 2024 (“Unit Consolidation”) of all the issued and outstanding REIT Units, Series A (“REIT A Units”), REIT Units, Series B (“REIT B Units”) and Special Trust Units of the REIT (collectively, the “Units”) on the basis of one (1) post-consolidation Unit for every two (2) pre-consolidation Units became effective today. The REIT A Units are expected to begin trading on a post-consolidation basis on the Toronto Stock Exchange (the “TSX”) at market opening on February 27, 2024 under the same trading symbol “D.UN”. The REIT B Units and Special Trust Units are not listed or quoted on any marketplace. The new CUSIP and ISIN numbers for the post-consolidation REIT A Units are 26153P203 and CA26153P2035, respectively.
At markets close as of February 21, 2024, there were 32,626,435 REIT A Units and 5,233,823 Special Trust Units issued and outstanding. The exact number of outstanding REIT A Units and Special Trust Units after the Unit Consolidation is 16,313,022 and 2,616,911, respectively, after taking into account the elimination of fractional units. No fractional REIT A Units or Special Trust Units were issued in connection with the Unit Consolidation. All fractions of post-consolidation REIT A Units and Special Trust Units, as the case may be, were rounded down to the nearest whole number.
Registered unitholders were mailed a letter of transmittal from the REIT’s transfer agent, Computershare Trust Company of Canada, providing instructions regarding how to exchange their existing unit certificates representing pre-consolidation REIT A Units for Direct Registration advice statements or unit certificates representing the post-consolidation REIT A Units to which they are entitled as a result of the Unit Consolidation. Until surrendered to the transfer agent, each unit certificate representing pre-consolidation REIT A Units will be deemed to represent the number of new whole post-consolidation REIT A Units to which the holder is entitled as a result of the Unit Consolidation. Non-registered unitholders holding their REIT A Units through a bank, broker or other nominee are encouraged to contact their nominee for further information.
The exercise prices and the number of REIT A Units or Special Trust Units, as the case may be, issuable upon the exercise or deemed exercise of any deferred units or other convertible or exchangeable securities of the REIT have been automatically proportionately adjusted based on the consolidation ratio to reflect the Unit Consolidation.
The general partner of Dream Office LP also effected a consolidation of the LP Class A Units and LP Class B Units of Dream Office LP on a proportionate basis effective today.
Further details on the Unit Consolidation are contained in the management information circular of the REIT dated April 21, 2023 (the “Circular”), which has been filed and is available under the REIT’s profile on SEDAR+ at www.sedarplus.com. Please review the Circular for the specific terms and conditions of the Unit Consolidation. The letter of transmittal will also be available under the REIT’s SEDAR+ profile at www.sedarplus.com.
About Dream Office Real Estate Investment Trust
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements with respect to the timing and completion of the Unit Consolidation and the expected date that the REIT A Units will begin trading on a post consolidation basis on the TSX. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; and the risk of adverse global market, economic and political conditions and health crises. Our objectives and forward-looking statements are based on certain assumptions with respect to our markets, including that the general economy remains stable; the gradual recovery and growth of the general economy continues over 2024; and that no unforeseen changes in the legislative and operating framework for our business will occur. Additional information about these assumptions and risks and uncertainties is disclosed in the REIT’s filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval + (www.sedarplus.com), including its latest annual information form and management’s discussion and analysis. These filings are also available at the REIT’s website at www.dreamofficereit.ca.
All forward-looking information in this press release speaks as of the date of this press release. Dream Office REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
